Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development and Business Concerns, to which was referred H.B. No. 2634 entitled:

begs leave to report as follows:

The purpose of this bill is to include certificates of deposit issued through the Certificate of Deposit Account Registry Service to the list of securities authorized for the protection of public funds.

City Bank submitted testimony in support of this bill. The Department of Budget and Finance offered comments.

While this measure was before your Committee, the State Attorney General (AG) said the authorization was allowable but had not yet issued a formal opinion on the matter. Your Committee respectfully requests your Committee on Consumer Protection and Commerce to consider the AG's opinion as the bill proceeds through the Legislative process.

As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2634 and recommends that it pass Second Reading and be referred to the Committee on Consumer Protection and Commerce.